The U.S. economy added another 113,000 jobs in January, representing a second consecutive month of below-average payroll growth. Unemployment fell by 10 basis points, reaching a recovery low of just 6.6 percent.
Although gains have not consistently met or exceeded the 200,000-job monthly threshold for sustained expansion, growth has been broadening in both industry and geography. Finally, revisions demonstrated that the recovery of late has been more consistent than previously thought, with upward revisions in November and December totaling 34,000 jobs.
Chicago’s unemployment increased for the first time in six months in December, up 10 basis points to 8.1 percent for the month but for the year. Chicago has added 554,500 positions since December 2012.
Check out our full Office Employment Update for a more detailed view of the implications of the recent employment trends on commercial real estate.